The FSA said it has joined XBRL UK and will use the XBRL reporting language when it begins to collect regulatory data electronically in 2005.
FSA head of information management David Anderson said: "Over time we expect the use of XBRL will help make the FSA easier to do business with - a key objective set out in our recent business plan.
"It will improve the internal efficiency and effectiveness of our vital regulatory reporting function, provide greater transparency around information requirements for regulated firms; and ensure that we are more responsive to changing data needs."
Following the completion of an internal pilot, the FSA said it intends to use the XBRL standard to document regulatory reporting requirements for use within the organisation, and to publish technical requirements for reporting out into the marketplace.
It said it expected this to be invisible for many regulated firms, as they would use online forms developed by the FSA.
Following its decision to adopt the XBRL standard, the FSA said it expected that some firms would choose to use XBRL compliant software to allow the direct transfer of data from their reporting systems directly to the regulator.
XBRL was pioneered in the UK by the ICA in England and Wales. It is currently administered through the ICA's IT facilities.
